Orange County California Distressed Properties
Information and Real Estate services for Foreclosures,
Bank Owned REO's,and Short Sale Real Estate
There are 3 distinct categories of foreclosure and pre-foreclosure properties, which are defined as: Pre-Foreclosure, Trustee Sale Auction, and Bank Owned REO properties.
PRE-FORECLOSURE PROPERTIES: The first category is what's called the pre-foreclosure phase. During this phase, the property is still controlled by the property owner, and the home owner has become delinquent in their mortgage payments and the lender is threatening to, or may have started the Foreclosure process by filed what's called a Notice of Default (NOD). During this NOD period, the property owner has 90 in which to bring the loan current and pay up all delinquent payments (called arrears) or sell the property to pay of the loans encumbering the property. Foreclosure is a very stressful process and can be very damaging to the property owners credit. If you are a homeowner and you are being threatened with Foreclosure by a mortgage bank, or if the Notice of Default has already been filed, please visit our informative website at: End My Foreclosure.
If the property is sold and the sales price minus sales costs are less then what loans are owed on the property, this is what's called a Short Sale. A Short Sale needs both the property owners and the banks approval. If your are a home owner who may be in a potential Short Sale situation, please visit our OC Short Sale services website.
Pre-foreclosure properties can present a good to great opportunity to acquire a property at below market value. If you are a potential buyer seeking a home to live in, or a real estate investor, and desire a home priced below market, please visit our valuable OC Bargain Home finder service.
TRUSTEE SALE FORECLOSURE AUCTION: The second category, is called the Trustee Sale phase. At the end of the 3 month Notice of Default period, the mortgage bank files what's called a Notice of Trustee sale. The Notice of Trustee sale is a 3 week process, and at the end of this period, the subject property is auctioned for sale on the courthouse steps. This public outcry auction requires that properties are purchased with ALL cash offers due an payable right after the auction via a cashiers check. This is a very risky type of purchase, and is only recommend for experienced, financially strong and savvy real estate investors.
BANK OWNED REO PROPERTIES: The third category are called Bank Owned REO properties. These are properties that went thoruhg the Trustee Sale auction described above, but no one purchased the property at the Auction. The foreclosing bank then winds up owning the real estate, which is then called an REO property (stands for Real Estae Owned) . Bank REO property looks bad on the mortgage banks balance sheets, and therefore these unwitting home owners are very motivated to sell these properties quickly. Most mortgage banks sell the REO properties in there 'As Is' condition, so expect to do some cosmetic Fixer-Upper work if an REO property is purchased.
If you are looking for a Pre-Foreclosure, Short Sale or Bank Owned REO, we offer one of the best services available in Orange County, found at OC Bargain Homes.com, a distressed home finding service.
Many of the other websites that you may have seen that focus on Foreclosure properties, (ie: RealtyTrac, Foreclosure.com, etc) charge you a monthly fee from $40/mos to $90/mos. These services mostly deliver properties that are in the Notice of Default process of foreclosure. The majority of these properties are actually for sale, and most of the information for these properties does not include a phone number for the property owner. So it is up to you to contact the home owner either by cold-call, knocking on their front door (not recommended) or by mailing the homeowner letters and postcards. By this time, the property owner has already received countless cards and letters already from mortgage lenders, attorney's, real estate investors and the chances of them looking at your correspondence and responding is very slim.
Our source of distressed properties are FREE to you, and we only deliver properties that are actually listed for sale by the the bank or distressed homeowner. These sellers are usually very motivated to negotiate, and we also have their contact phone number for questions, viewing and negotiations. For more information, visit: OC Bargain Homes.com